Hopes for TTIP trade deal fade

Friday, September 23, 2016 - 01:38

EU ministers move towards approving a free trade deal with Canada. But opposition towards a similar agreement with the United States appears to be growing at grass-roots level - and among some European leaders. Ciara Lee reports.

▲ Hide Transcript

▶ View Transcript

Trade ministers meeting in Bratislava.
The smiles are on but it's been a somewhat strained week for TTIP and other trade talks.
Marred by protests, no deal is expected before the end of Obama's presidency.
(SOUNDBITE) (English) EUROPEAN COMMISSIONER FOR TRADE, CECILIA MALMSTRÖM, SAYING:
"It makes sense to continue the talks. There is a round planned for October in New York and we will try to make as much progress there as possible."
France and Austria want fresh talks started under a new name.
And even Germany is holding out little hope of a breakthrough.
(SOUNDBITE) (English) BGC PARTNERS MARKET STRATEGIST, MIKE INGRAM, SAYING:
"I think a lot are very very unhappy about the secretive nature of these negotiations. A feeling that they are giving companies, supernationals far too much power. And of course there are what seem to be some intractable issues such as the penetration of genetically modified foods within the European market place, which would seek to be bundled in within this agreement."
Washington and Brussels had been keen to seal the deal before Obama leaves office in January.
With elections on both sides of the Atlantic and Britain's vote to leave the EU all potential stumbling blocks.
(SOUNDBITE) (English) BGC PARTNERS MARKET STRATEGIST, MIKE INGRAM, SAYING:
"Europe for obvious reasons would like to see a trade deal get inked at least in principle. It would boost growth, and as I mentioned earlier on, growth is increasingly hard to come by in this world. But the political costs associated with that might be very high indeed. And they have really pushed the onus back on the US to make concessions."
One glimmer of hope though - A trade agreement with Canada remains on track.

Reuters is the news and media division of Thomson Reuters. Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products: